Women entrepreneurs are all the rage. A day doesn't go by that the Huffington Post, Forbes Magazine, or a major daily newspaper doesn't write an article on how women entrepreneurs are "takin' it to the streets" - or, becoming a force to be reckoned with in the business world. 

A recent study indicated that 1 out of every 11 adult women is an entrepreneur in the United States. Women business owners contribute to the overall employment of 18 million workers and generate anywhere from $2 to $3 trillion in U.S. economy revenues.

So the question is for many women in business, "How can I take my talents and experience and OPEN my own business? I, too, want to become a woman entrepreneur!"

First, it is critically important to understand that entrepreneurship is NOT for everyone. My list of 10 characteristics of women entrepreneurs is as follows: Do you fit the profile?

1) Desire to be your own boss.

2) Self starter

3) Driven to make money

4) Risk taker

5) Like being in control

6) Self-motivated

7) Childhood entrepreneurial role models

8) High level of energy

9) Decision maker

10) Big picture thinker - visionary

If you can say "YES" to all ten traits then you have what it takes to be a woman entrepreneur, so let's get started.

Many women turn a talent or a hobby into a business. Remember that the definition of a business is an activity one is engaged in that generates revenue. That's the important part - making money. Just because you love to bake cupcakes and everyone tells you you should sell them doesn't mean you will automatically be successful in opening a retail cupcake bakery. This is where the first step of starting any business begins - writing the business plan. This is the map you need for the road ahead. To make sure your business is feasible, concentrate first on what the costs (expenses) will be so you will know what your pricing MUST be. If it turns out you need to charge $10 a cupcake - well, you probably know the likelihood of your success.

Once your plan is written decide on a location for your business. Perhaps, it is a virtual business (online), so create a strategic plan for how to attract customers to your site. A physical location requires serious investigation. The mantra 'location location location' that you often hear in business means your business can live or die if the choice you make isn't the right one.

Decide on the legal structure for your business. In very small businesses, launching as a sole proprietor may be all you need. This means you want to register the name of your business with your town or city and open a bank account in that name. You are now ready to pay all expenses out of the business account. Consult with an attorney if you are planning on a more complicated ownership. Other forms of ownership are: Partnership, Limited Liability Company (LLC), S Corp or C Corp, or nonprofit. This is not a step to take lightly when starting a business. The legal structure of your business will protect you and your family from any potential liabilities that could affect you personally.

Make sure to get a tax identification number from the IRS and state revenue agency. Also, look into your state's licensing or permit requirements. Every state has different requirements. Make sure you err on the side of knowing what is necessary in your state. Otherwise, eventually it will catch up with you.

Finally, although you will be working on this step every step of the way, decide on how you will finance your business. This step requires carefully planning so you will know how much you will need for startup cash. Remember, AND THIS IS IMPORTANT, most businesses DO NOT make money in the first year of business. That does not mean that your business will not generate income in the first year. What it means is that your startup cash will most likely be needed for a year or more.

For example, most new small businesses require the basics: phones, computers, other equipment, rent, utilities, marketing materials, advertising, salaries, professional services (legal and accounting), and entertainment expenses. This does not include the cost of providing the product and/or service the business ofers. And, most important, it does not include the cost of your time for getting this all up and running. The last thing your startup costs fund is your time and energy. So if you require a salary from day one when starting a business - well, entrepreneurship IS probably not for you.

You can become a woman entrepreneur if you truly want to take the journey. But know that running a small business is apout more than making money. It is about having a life that aligns with your beliefs and makes the world a better place because you have taken a risk.

Now I ask you, "Are you ready to become a woman entrepreneur?"